Anand calls for greater US investment in India

Chicago: Indian Minister of Commerce and Industry Anand Sharma Wednesday urged greater US investment in India, saying his country was the best and safest place for investments.

Sharma was speaking at the `US-Indian Economic Opportunities and Synergy Summit` jointly organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) and The Executives` Club of Chicago.

The centennial summit of the Executive Club of Chicago was held at the Fairmont Hotel here Wednesday in collaboration with the Chicago Council of Global Affairs and the Delhi Committee of Chicago Sister Cities.

"If you are engaged with us, trust us. We are a rule-based country with appropriate legal recourse," Sharma said.

"We`re working on creating more changes in the FDI regime to create hope and confidence among investors," Sharma added.

Sharma said that India was poised to grow at 8.5-9 per cent with its investor and FDI-friendly regime.

He also said India was ready to embark on a second Green Revolution.

Sharma said he was looking forward to discuss the next trade policy with US Trade Representative Ron Kirk in Washington DC.

Sharma noted that India was now positioned at number two after China in the global manufacturing competitiveness index in a new Deloitte report.

"India`s rich talent pool of scientists, researchers and engineers, as well as its large, well-educated English-speaking workforce and democratic regime make it an attractive destination for manufacturers," the report said.

"Because of the speed and magnitude of change over the past two decades, China`s role as a manufacturing superpower has been solidified. China`s dedication to investments in science and technology coupled with a relatively low-cost base that is geographically mutable led to China taking the top spot in manufacturing competitiveness," the report added.

Meanwhile, Chicago Mayor Rahm Emanuel delivered the opening remarks at the summit and asked for more cooperation between India and Chicago.

Emanuel proposed a trade mission to India.

Indian Ambassador to the United States Nirupama Rao and the Consul General of India in Chicago, Mukta Dutta Tomar, were also present.